Home Highlights April 2012 Year 2012 This

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1. Estimation of commission income - Providing Accommodation entries - Unexplained deposits/loans - when a person is engaged in the clandestine activities of providing...

2. Re opening of assessment - before issuance of notice u/s 148 reasons were recorded for one issue only - reaons for other two issues were recorded after issuance of ...

3. Reopening of assessment u/s 147 - AO has reasons to believe that such payments which were not considered during the original assessment escaped assessment and therefore,...

4. The provisions relating to assessment and reassessment under the Act are proposed to be rationalized. Key amendments include: substituting sections 148 and 148A to...

5. Validity of reopening of assessment u/s 147 - accommodation entries - In the instant case, the notice under Section 148 of the Act has been issued by the assessing...

6. Provisions and requirements for reopening an assessment u/s 147 of the Income Tax Act, 1961, as amended. It emphasizes that mere 'change of opinion' without any new...

7. Accommodation entries - Estimation of income - the addition cannot be made on the basis of any hypothesis presumption albeit it has to be based on evidences or material...

8. Reopening of assessment u/s 147/148 - failure to issue notice u/s 143(2) - reopening of assessment is not valid as the Income Tax Department has power to conduct the...

9. Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

10. Reopening of assessment u/s 147 - the notice u/s 148 on the basis of “on verification of records” - the AO has power to reopen the assessment, provided there is...

11. Reopening of assessment u/s 147 was based on reasons to believe the difference between total cash sales and cash sales reflected in books. Held: Reopening was made only...

12. Reopening u/s 148 - accommodation entry - recording of reasons to belief - AO did not mention any material facts in the reasons such as original assessment u/s 143(3),...

13. Notices issued by Jurisdictional Assessing Officer (JAO) u/s 148 instead of Faceless Assessment Officer (FAO) are invalid after introduction of Finance Act 2021. Scheme...

14. Reopening of assessment u/s 147 - Validity of approval u/s 151 - notice not issued by Faceless Assessing Officer (FAO) - There is no concurrent jurisdiction for Joint...

15. The High Court addressed the issue of faceless assessment of income escaping assessment u/s 151A scheme. It held that notices must be issued in a faceless manner as...